The price of Cardano (ADA) has increased 100% since February 1, as social media exposure and excitement about adding smart contract features push ADA to its highest price level since the bull market in January 2018.
Data from Cointelegraph Markets and TradingView show that ADA rose from $ 0.35 on February 1 to its current price of $ 0.71, bringing Cardano to 4th place in cryptocurrency by total market capitalization.
The first climb started after the team updated their delegation interface on Daedalus. Another noticeable increase in purchase volume began on February 4th after Cardano tweeted about the successful launch of a smart contract in its test network.
Data from TheTIE shows that Cardano’s social media mentions have increased since the beginning of the year, following price and tweet spikes since the first week of February following recent announcements.
The Etherum network is still grappling with heavy congestion and high gas charges, and projects like Cardano equipped for deployment are attracting increasing attention.
The amount of ADA used on the network continued to grow in January and now stands at a record 22.6 billion tokens staked, representing 72% of the total supply. There are currently 1,602 active validators in the network serving a total of 176,696 delegators.
Once the smart contract functionality is integrated with Cardano’s mainnet, the platform can host a variety of dApps, including DeFi (Decentralized Finance) protocols, a sector that has been one of the main drivers of the growth of the cryptocurrency sector in the past year.